Hilton Worldwide’s First-Quarter Profit More Than Tripled

Hilton Worldwide Holdings Inc. on Friday raised its outlook for the year as it reported that its first-quarter profit more than tripled thanks in part to higher rates. The strong first quarter significantly exceeded the company’s expectations, said Christopher J. Nassetta, president CEO of Hilton Worldwide. According to this report from The Wall Street Journal, Hilton’s top line has been buoyed by rising rates in the industry, and the company expects more growth soon. The company said it expected revenue per available room to grow 5.5 percent to 7 percent this year, raising the lower end of its guidance by 0.5 percent. In the most recent period, RevPAR grew 6.6 percent, topping the company’s projection of 4.5 percent to 6.5 percent growth. Read more over at The Wall Street Journal.